The Association of Chartered Certified Accountants (“ACCA”) and Tezos Southeast Asia (“TSA”) have announced today that they have signed a Memorandum of Understanding (“MoU”) to explore applications of Tezos blockchain within the accounting industry.
TSA is a non-profit organization based in Singapore, whose mission is to promote and facilitate industry adoption of the Tezos blockchain in the Asia-Pacific region. Through this partnership, ACCA will contribute their knowledge on accounting standards, while TSA will provide technical integration advice on blockchain technology, with the view of addressing pain points in accounting. The two parties will also develop strategies and education initiatives to promote adoption amongst each other’s networks, as well as form partnership programmes to educate members on the fundamentals of blockchain technology.
Caleb Kow, President of Tezos Southeast Asia, said, “Information held on the blockchain exists as a shared and continuously reconciled store across several computers. Attempts to falsify or destroy a record would require immense effort replicated on a global scale, a feat significantly harder in order of magnitudes to coordinate. With this immutable standardization adopted in accounting practices, auditors will be able to verify larger amounts of data more efficiently, requiring less paperwork and with greater confidence. We believe that by partnering with ACCA, there can be mutual understanding to find solutions that could help reduce pain points and benefit finance functions for practitioners within the accountancy sector. The Tezos blockchain takes this further by future-proofing widespread adoption through its unique and proven self-amending feature that can embrace future standards to meet the ever-changing industry needs of tomorrow.”
Reuter Chua, Head of ACCA Singapore, said, “The rise of the digital economy has pushed industries to transform and ACCA as a global professional accountancy body continues to think ahead and ensure we embark on new partnerships to deliver new value. The potential applications of blockchain technology in the accounting sector are extensive, ranging from better validation procedures in auditing to accelerating settlement times for transactions, and automating and streamlining compliance processes.
We are thrilled to work with Tezos Southeast Asia to explore the potential of the blockchain technology that is applicable in the accounting environment that will enhance our members’ workflows and better prepare them in this challenging environment.”
The two parties aim to organize training courses on the fundamentals of blockchain technology towards the end of this year or early next year, with priority given to members of the ACCA. The two parties will also be forming a workgroup to collaboratively build blockchain-powered solutions for accounting.
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